US firms to fund City finance hub

HCM CITY—American businesses plan to invest in a large project in Thủ Thiêm new urban area that would be turned into a leading service and finance centre, according to the Government’s news portal.

Under the project, an 11-hectare complex worth US$4 billion is expected to include residential areas and a financial, commerce and entertainment centre.

The four investors, Imex Pan Pacific Group, Cantor Fitzgerald, Weider Resorts and Steelman Partners, initially planned to invest $200 million to $300 million, but have increased the total investment to $4 billion, according to Johnathan Hạnh Nguyễn, chairman of Imex Pan Pacific Group.

Nguyễn discussed the project with the secretary of the city’s Party Committee Đinh La Thăng last week.

In the future, the Cantor Fitzgerald Group will invite six to eight other large US companies to invest in the city, Nguyễn said.

William Weidner, chairman and CEO of Global Gaming Asset Management and Principal of Weidner Holdings, said that many American companies began inquiring about investment opportunities in the city after the Trans-Pacific Partnership (TPP) agreement was signed on February 4.

The investors have met officials at the Ministry of Planning and Investment, the city People’s Committee and the Thủ Thiêm Management Board to ensure the project’s process. It will then be submitted to the Prime Minister for approval.

Nguyễn Thành Phong, chairman of the city People’s Committee, said that he appreciated the American companies’ goodwill and emphasized that the TPP trade agreement would bring “a new investment wave” to the city.

He said that HCM City would try to create a favourable environment for foreign investors.

For the project in the Thủ Thiêm area, the city People’s Committee chairman has assigned the Department of Planning and Investment to work with the area’s management board and American investors on details of the co-operation.

He said the project would not only develop the area, but also help the city become a leading financial centre in the region. --VNS